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Joined 2 years ago
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Cake day: June 16th, 2023

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  • Firstly, I challenge the assumption that efficiency is the most important goal. This was addressed very convincingly almost 70 years ago in The Affluent Society:

    https://en.m.wikipedia.org/wiki/The_Affluent_Society

    This book explains that we should not use the same policies for a society which is constantly struggling on a knife edge between starvation and death. That was not the reality 70 years ago and is much less tha case today.

    Even if we assume that efficiency is the most important goal, what you are actually arguing for is well-designed markets as the tool to achieve that. I question even this, since a profitable company is by definition less efficient than one that makes little or no profit, since profit is the extra wealth that the company extracts after paying all bills.

    Even if we assume that a for profit market is the best way to manage resources and achieve efficiency, capitalism is fundamentally a bad model for that, since practices like hiding information from consumers or capturing regulators are great ways to increase profits without improving efficiency or managing resources effectively.

    tl;dr fuck capitalism. 😉